Tishman Venture Abandons Stuyvesant Deal ---zz# Stock
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A group led by Tishman Speyer Properties has decided to give up the
sprawling Peter Cooper Village and Stuyvesant Town apartment complex in
Manhattan to its creditors in the collapse of one of the most high-profile
deals of the real-estate boom.
The decision comes after the venture between Tishman and BlackRock Inc.
defaulted on the $4.4 billion debt used to help finance the deal. The
venture acquired the 56-building, 11,000-unit property for $5.4 billion in
2006—the most ever paid for a single
sprawling Peter Cooper Village and Stuyvesant Town apartment complex in
Manhattan to its creditors in the collapse of one of the most high-profile
deals of the real-estate boom.
The decision comes after the venture between Tishman and BlackRock Inc.
defaulted on the $4.4 billion debt used to help finance the deal. The
venture acquired the 56-building, 11,000-unit property for $5.4 billion in
2006—the most ever paid for a single
